Tecnicas Reunidas Sa · BME:TRE
Tecnicas Reunidas Sa — Tecnicas Reunidas Sa Ord — H1 2024 Earnings Presentation
17 slides from Tecnicas Reunidas Sa's earnings presentation, Jul 31, 2024
Slide 1: H1 2024 Results
H1 2024 Results July 31st 2024 Juan Lladó – Executive Chairman Eduardo San Miguel - CEO
Slide 2: Index
INDEX 1| Highlights 2| Business performance 3| H1 2024 Financial results 4| Guidance
Slide 3: Highlights
INDEX 1| Highlights 2| Business performance 3| H1 2024 Financial results 4| Guidance
Slide 4: Capital Markets Day highlights
Sustainable and profitable growth drivers North Capital America Markets Services Decarbonization Day highlights Stronger local presence Digitalization Sinopec Enhancing High value talent and other margin alliances improvement Our current Operating and strategy model innovation re-design 4
Slide 5: Our ambition towards 2028
Our ambition towards 2028 x Gross margin, % From (2023)… …to (2028) Turnover, EBIT, Turnover, EBIT, M€ M€ M€ M€ Growth of ~10% in EPC 4,065 239 ~6% ~4,500 ~350 ~8% revenues and margin increase of ~2 p.p. Growth to ~500 M€ in Engineering ~70 20 ~30% ~500 ~150 ~30% revenues with higher margin & servic
Slide 6: H1 2024 results highlights
Order Intake EUR 1.4 billion H1 2024 results Sales EUR 2.1 billion highlights EBIT EUR 84 million Robust start to the year Net Cash EUR 318 million 6
Slide 7: Business performance
INDEX 1| Highlights 2| Business performance 3| H1 2024 Financial results 4| Guidance
Slide 8: Order intake & Backlog; Main H1 2024 milestones
Order intake & Backlog Main H1 2024 milestones Scope Amount Status Country Product Engineering & project 100 M€ Letter of Award Petrochemicals execution services EPC 1,260 M€ Letter of Intent Natural Gas Order intake, M€ YTD Backlog, M€ 10,963 9,228 1,770 1,402 H1 2023 H1 2024 H1 2023 H1 2024 8
Slide 9: Main Milestones | Petrochemicals project
Main Milestones | Petrochemicals project First milestone of 100 M€ Petrochemicals SALTA strategy total contract value project in North America Engineering & >1 million home Major chemicals project execution office engineering player worldwide services hours 9
Slide 10: Main Milestones | Jafurah III
Main Milestones | Jafurah III >2,200 M$ Natural Gas Key client total contract value project in Saudi Arabia in Middle East (60% for TR) EPC in JV +400 home Second award with Sinopec office engineers within strategic alliance (risk management) with Sinopec 10
Slide 11: Other commercial milestones | Solid track-record as technological contractor
Other commercial milestones | We continue to build a solid track-record as a key technological contractor • 17 new services awards in H1 2024 (8 related to energy transition) track & services order intake, M€ • Major award achieved (100 M€) for engineering & project execution 142 services in US 103
Slide 12: Other commercial milestones | Ignis agreement and RWE H2-ready plant
Other commercial milestones | We continue to build a solid track-record as a key technological contractor Agreement H2-ready CCGT power with IGNIS plant for RWE • Within the framework of Ignis P2X • EPC* in consortium with Ansaldo project launched by Ignis and Energia (risk management) KKR • Project
Slide 13: H1 2024 Financial results
INDEX 1| Highlights 2| Business performance 3| H1 2024 Financial results 4| Guidance
Slide 14: Group results
Group results Sales, M€ 1,119 1,052 1,003 1,091 Q1 2023 Q2 2023 Q1 2024 Q2 2024 Quarterly sales above 1 B€ EBIT, M€ H1 2023 EBIT margin 3.6% Risk mitigation strategies and H1 2024 EBIT margin 4.0% successful project delivery lead 39 38 40 44 to profitability growth Q1 2023 Q2 2023 Q1 2024 Q2 2024 Ne
Slide 15: Net cash position; 63 M€ gross debt reduction in H1 2024
Net cash position 348 333 318 241 234 63 M€ gross debt reduction in H1 2024 142 • 33 M€ SEPI ordinary loan repaid Q1 2023 H1 2023 9M 2023 FY 2023 Q1 2024 H1 2024 15
Slide 16: Guidance
INDEX 1| Highlights 2| Business performance 3| H1 2024 Financial results 4| Guidance
Slide 17: Guidance
Guidance 2024 Revenues ~4,500 M€ Guidance EBIT margin 4% 17
Tecnicas Reunidas Sa Ord — H1 2024 Earnings Presentation on 6ix